The ‘Global Advanced Energy Storage Systems Market Price, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global advanced energy storage systems market, assessing the market on the basis of its segments like technologies, end users, applications, and major regions.
Advanced Energy Storage Systems Market Size, Share, Price Trends, Industry Report, Key Players, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 8.3%
The growing electricity demand from various end use industries including residential, industrial, and commercial, is driving the advanced energy storage systems market growth. Rapid digitalisation of the automotive industry is also a major market driver. The increasing sale of electric vehicles across the emerging economies is leading to a heightened application of advanced energy storage systems across automobile manufacturing plants.
The increasing application of advanced energy storage systems in the residential sector is further propelling the growth of the global market. Over the forecast period, the rapid development of smart homes, increasing disposable income, and rapid urban development across the developing countries are expected to enhance the dependence of the residential sector on advanced energy storage systems for efficient energy distribution. Moreover, robust investments in commercial infrastructure development, leading to an escalated expansion of shopping malls, theatres, and cafes, among others, are further fuelling the incorporation of advanced energy storage systems.
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The increasing emphasis on clean energy sources and development of renewable energy sources are crucial market driving factors. The favourable initiatives of various governments aimed towards encouraging electricity conservation strategies are expected to augment the advanced energy storage systems market dynamics in the forecast period.
Advanced Energy Storage Systems Industry Definition and Major Segments
Advanced energy storage systems are a part of energy infrastructure which aims at safely storing energy for later use on demand. It is a modern technological approach of increasing the efficiency of energy distribution systems. An advanced energy storage system consists of electrical appliances and power systems which store the electricity and distribute as per need.
Based on technology, the market can be segmented into:
- Electro Chemical
- Lead Acid battery
- Flow battery
- Nickel Metal Hydride (NiMH) and Nickel Metal Cadmium (NiCd)
- Lithium-ion battery
- Sodium Sulphur (NaS) battery
- Pumped Hydro
- Compressed Air Energy Storage (CAES) and Liquid Air Energy Storage (LAES)
- Thermal Storage
- Thermo Chemical
On the basis of end user, the market can be bifurcated into:
Based on application, the market can be categorised into:
• Grid Storage
On the basis of region, the market can be divided into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Advanced Energy Storage Systems Market Trends
The key trends in the global advanced energy storage systems market include the expanding technological infrastructure of various end use industries such as healthcare, automotive, retail, and electrical and electronics, among others. These advancements are generating the demand for advanced energy storage systems to bridge the supply-demand gap.
The increasing application of advanced energy storage systems in the transportation sector is another crucial trend in the market. The digitally advancing transportation sector, along with the heightened incorporation of e-buses and electric cabs, is leading to grid expansions and greater energy demand.
The rising investments towards the development of power plants are further escalating the numbers of the advanced energy storage systems market. Meanwhile, the increasing adoption of high-end electronic products such as computers, e-bikes, and smart gadgets, among others, are propelling the deployment of advanced energy storage systems across semiconductor plants and solar cell facilities.
In terms of regions, Asia Pacific accounts for a decent share in the advanced energy storage systems market, due to a relatively large population which is increasing the demand for electricity. The introduction of policies by various governments to enhance awareness about renewable sources of electricity generation is expanding the opportunities for the market in this region. Moreover, the high electricity demand from the automotive, residential, and healthcare, among other industrial pillars, is fuelling the demand for advanced energy storage systems in the Asia Pacific.
Key Market Players
The major players in the advanced energy storage systems market report are ABB Ltd., LG Chem, Samsung SDI Co., Ltd., General Electric Company, and Tesla, Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
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